Altered 401(k) landscape seen for advisers

More wirehouses and B-Ds realize they need to allow advisers to take on fiduciary services.
OCT 01, 2007
More wirehouses and broker-dealer firms have realized that they need to allow their advisers to take on fiduciary services or risk losing them. That was the message of Ward Harris, the new managing director of Rogercasey Inc. based in Darien, Conn. He said that the landscape for advisers has dramatically changed in the 401(k) arena. It’s no longer about sales: Advisers need to be able to offer specialized services to plan sponsors. “The wirehouses will be out of business if they don’t adapt,” he said. Mr. Harris spoke to advisers at the Center for Due Diligence conference in Scottsdale, Ariz, “Transitioning from Salesperson to Businessperson.” Previously, Mr. Harris was founder and chief executive of The McHenry Group LLC, but announced his job change to Rogercasey at the conference. Mr. Harris started his role at Rogercasey today. Rogercasey is an independent consulting firm that serves more than 125 clients from five offices around the United States.

Latest News

WallStreetBets takes on the SEC — and makes a surprisingly sharp case
WallStreetBets takes on the SEC — and makes a surprisingly sharp case

The Reddit trading community's formal comment letter against the proposal is drawing widespread attention across finance and tech circles.

Stratos Wealth Holdings closes 11 acquisitions in push for advisory scale
Stratos Wealth Holdings closes 11 acquisitions in push for advisory scale

RIA aggregator adds $4.8 billion in client assets across seven states as demand grows for alternatives to traditional succession models.

Beyond wealth management: Why the future of advice is becoming more human
Beyond wealth management: Why the future of advice is becoming more human

As technical expertise becomes increasingly commoditized, advisors who can integrate strategy, relationships, and specialized expertise into a cohesive client experience will define the next era of wealth management

Shareholder sues FS KKR Capital board, alleges NAV and dividend cover-up
Shareholder sues FS KKR Capital board, alleges NAV and dividend cover-up

Shareholder targets FS KKR Capital's directors over alleged portfolio valuation and dividend missteps.

UBS loses $1.2 million arbitration claim linked to variable annuities and margin
UBS loses $1.2 million arbitration claim linked to variable annuities and margin

UBS has a history of costly litigation stemming from the sale of volatile investment products.

SPONSORED Beyond wealth management: Why the future of advice is becoming more human

As technical expertise becomes increasingly commoditized, advisors who can integrate strategy, relationships, and specialized expertise into a cohesive client experience will define the next era of wealth management

SPONSORED Durability over scale: What actually defines a great advisory firm

Growth may get the headlines, but in my experience, longevity is earned through structure, culture, and discipline